December 12, 2011
Dec. 12, 2011- Terex Corporation (NYSE: TEX) previously disclosed an adverse jury verdict and injunction in a patent infringement lawsuit brought against Powerscreen International Distribution Limited (“Powerscreen”) and Terex Corporation by Metso Minerals Inc. in United States District Court for the Eastern District of New York . On December 9, 2011, a final judgment in support of the adverse jury verdict was issued. The Court’s most recent ruling is in line with the Company’s expectations with regard to the damages award in this case. These types of patent cases are complex and the Company strongly believes that the judgment is contrary to both the law and the facts. Accordingly, Terex and Powerscreen will be appealing the judgment and the related injunction and believe that they will ultimately prevail on appeal. It is important to note that the judgment and injunction only relate to certain models of Powerscreen mobile screening plants with the alleged infringing folding side
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December 08, 2011
Dec. 8, 2011- Terex Utilities has received approval from the Air Resources Board (ARB) for its Terex® HyPower™ Hybrid System , a plug-in Power Take-Off (PTO) system that uses stored energy from the system’s rechargeable batteries to power the non-propulsion functions of the vehicle. This approval enables the HyPower system, which can be used on any heavy-duty, diesel-powered vehicle with a gross vehicle weight rating over 10,000 lb, to meet the requirements set forth in title 13, California Code of Regulations section 2485. With this approval, Terex may label its HyPower products with “ARB Approval #11-643-002.” Terex HyPower Hybrid System Receives ARB Approval. (Photo: Terex) “The Terex HyPower Hybrid System is designed to reduce harmful pollutants and maintain healthy air quality on worksites, protecting the public from exposure to toxic air contaminants,” says Dennis Depazza , director of business development & product management, Terex Utilities . “With the HyPower system,
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October 26, 2011
WESTPORT, Conn., Oct 26, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced income from continuing operations for the third quarter of 2011 of $36.9 million, or $0.33 per share, compared to a loss from continuing operations of $90.9 million, or $0.84 per share, in the third quarter of 2010. Excluding the sale of shares of Bucyrus International, Inc. common stock, acquisition related items and certain other items in both periods, income from continuing operations would have been approximately $33 million, or $0.30 per share, in the third quarter of 2011 compared to a loss from continuing operations of approximately $35 million, or $0.32 per share, in the third quarter of 2010. The Glossary at the end of this press release contains further details regarding these items. Net sales from continuing operations were $1,803.6 million in the third quarter of 2011, an increase of 67.7% from $1,075.8 million in the third quarter of 2010. Excluding the impact of the acquisition
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October 17, 2011
WESTPORT, Conn., Oct 17, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE:TEX) will release its third quarter 2011 financial results on Wednesday, October 26, 2011 after market close. The Company will host a conference call to review the financial results on Thursday, October 27, 2011 at 8:30 a.m. EDT. Ronald M. DeFeo, Chairman and CEO, will host the call. A simultaneous webcast of this call will be available on the Company's website, http://www.terex.com. To listen to the call, select "Investor Relations" in the "About Terex" section on the home page and then click on the webcast microphone link. Participants are encouraged to access the call 10 minutes prior to the starting time. The call will also be archived on the Company's website under "Audio Archives" in the "Investor Relations" section of the website. Terex Corporation is a diversified global manufacturer reporting in four business segments: Aerial Work Platforms, Construction, Cranes and Materials Processing. Terex
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October 06, 2011
WESTPORT, Conn., Oct 06, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE:TEX) has launched an updated customer-focused and user-friendly website providing customers, investors and other stakeholders with fast, efficient and easily accessible information, when and where they need it. The newly designed website is in response to customer feedback for improved navigation, more dynamic information and faster access to the information they seek. The site's design is clean and simple using straightforward copy and bold images to help users intuitively navigate to the content they want. "We started the website revision process by launching new and improved versions of our business sites in response to customer feedback. After the successful launches of these sites, it was now time to focus on Terex.com," said Kevin Janco, Vice President, Marketing, Terex Corporation. "To build on the success of our new business sites, we created the new terex.com using a hub and spoke type model, in which
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September 19, 2011
WESTPORT, Conn., Sep 19, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE:TEX) announced today that Scott W. Wine will be appointed to its Board of Directors effective October 10, 2011. Mr. Wine is the Chief Executive Officer of Polaris Industries, Inc. and has served in that role since 2008. Polaris designs, engineers, manufactures and markets innovative, high quality off-road vehicles, including all-terrain vehicles and the Polaris RANGER(R) for recreational and utility use, snowmobiles, motorcycles and on-road electric powered vehicles. "Scott Wine has a proven track record of growing profitable industrial businesses, acquiring and integrating businesses and rapidly driving results," said Ronald M. DeFeo, Terex Chairman and Chief Executive Officer. "We look forward to his contribution to board decision making as Terex continues its development toward becoming a superb operating company," commented G. Chris Andersen, Lead Director and Chairman of the Governance and Nominating
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August 16, 2011
WESTPORT, Conn., Aug 16, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX)("Terex") today announced that it has completed the purchase of the shares tendered as part of the public tender offer by Terex Industrial Holding AG to all shareholders of Demag Cranes AG ("Demag Cranes") at EUR 45.50 per share. As a result, Terex now owns approximately 82% of the shares of Demag Cranes. Ronald M. DeFeo, Terex Chairman and Chief Executive Officer, said: "We are very pleased with the addition of Demag Cranes to the Terex Group. Demag Cranes AG will add a new business segment to Terex with world-class products in industrial cranes and hoists, port technology and services. We are satisfied with the results of the tender process, and continue to believe strongly in the compelling industrial rationale of this deal and the growth opportunities for both companies." Forward Looking Statements This press release contains forward-looking information based on the current expectations of Terex
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August 05, 2011
WESTPORT, Conn., Aug 05, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX)("Terex") today announced that it has received clearance from the European Union to complete its previously announced purchase offer for Demag Cranes AG. With this approval, the final condition of closing has been met, and settlement of the purchase offer is anticipated to occur the week of August 15. Demag Cranes AG will add a new business segment to Terex with world-class products in industrial cranes and hoists, port technology and service. Demag Cranes AG's business is highly complementary to the existing Terex business, and the combination has compelling industrial logic, with a strong footprint in Europe and emerging markets. Forward Looking Statements This press release contains forward-looking information based on the current expectations of Terex Corporation. Because forward-looking statements involve risks and uncertainties, actual results could differ materially. Such risks and uncertainties, many
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July 20, 2011
WESTPORT, Conn., Jul 20, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced income from continuing operations for the second quarter of 2011 of $0.9 million, or $0.01 per share, compared to a loss from continuing operations of $13.1 million, or $0.12 per share, in the second quarter of 2010. The second quarter results were favorably impacted by an after-tax gain of approximately $26 million, or $0.22 per share, on the sale of approximately 1.4 million shares of Bucyrus International, Inc. common stock, and were negatively impacted by restructuring and related after-tax charges of approximately $33 million, or $0.29 per share, relating to the Cranes segment, where the Company continues its cost reduction and manufacturing footprint rationalization. There were also after-tax charges related to the pending acquisition of Demag Cranes AG of approximately $3 million. Adjusting for these items, income from continuing operations would have been approximately $11 million, or
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July 12, 2011
WESTPORT, Conn., Jul 12, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE:TEX) will release its second quarter 2011 financial results on Wednesday, July 20, 2011 after market close. The Company will host a conference call to review the financial results on Thursday, July 21, 2011 at 8:30 a.m. EDT. Ronald M. DeFeo, Chairman and CEO, will host the call. A simultaneous webcast of this call will be available on the Company's website, http://www.terex.com. To listen to the call, select "Investor Relations" in the "About Terex" section on the home page and then click on the webcast microphone link. Participants are encouraged to access the call 10 minutes prior to the starting time. The call will also be archived on the Company's website under "Audio Archives" in the "Investor Relations" section of the website. Terex Corporation is a diversified global manufacturer operating in four business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, and Terex Materials
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July 01, 2011
Approximately 67% of the shares of Demag Cranes tendered Minimum acceptance level exceeded WESTPORT, Conn., Jul 01, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX)("Terex") today announced that the minimum acceptance level of 51% for the voluntary public tender offer by Terex Industrial Holding AG to all shareholders of Demag Cranes AG ("Demag Cranes") at EUR 45.50 per share has been exceeded. Terex also today announced that it has received early termination under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with the offer, and that it has formally filed the transaction with the European Commission. Preliminary information indicates that the offer was accepted for a total of at least 14 million shares of Demag Cranes by the end of the acceptance period. This corresponds to approximately 67% all outstanding shares of Demag Cranes, and approximately 68% together with the shares of Demag Cranes previously purchased by Terex Industrial Holding AG. The final
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June 16, 2011
Offer price increased to EUR 45.50 in cash per share Management and Supervisory Boards of Demag Cranes have agreed to recommend the increased offer Offer remains subject to 51% acceptance threshold Tender offer period expires on June 30, 2011 WESTPORT, Conn., Jun 16, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) ("Terex") and Terex Industrial Holding AG are pleased to announce an agreement with Demag Cranes AG ("Demag Cranes") for a recommended offer to purchase the shares of Demag Cranes at an increased price of EUR 45.50 per share. Terex, Terex Industrial Holding AG and Demag Cranes have also entered into a business combination agreement that confirms Terex's support for the strategy of Demag Cranes and its workforce as a part of the Terex group. As a result, the management and the supervisory boards of Demag Cranes have publicly announced that they will jointly recommend that the Demag Cranes shareholders accept the offer. Ronald M. DeFeo, Terex Chairman and Chief Executive
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May 30, 2011
TVER, Russia & WESTPORT, Conn., May 30, 2011 (BUSINESS WIRE) - GAZ Group, part of Oleg Deripaska's Basic Element, and Terex Corporation (NYSE:TEX) today announced they have entered into an agreement to form a joint venture company for the manufacture of construction and roadbuilding equipment in Russia. Under the agreement, the joint venture will manufacture, market and sell certain Terex and all GAZ Group construction and roadbuilding products in Russia, as well as distribute construction and roadbuilding products manufactured by Terex and exported into Russia. The joint venture will also sell certain construction and roadbuilding products of GAZ Group for export. GAZ Group will provide manufacturing facilities and human resources, as well as access to the GAZ Group's Construction Equipment Division dealer network. The joint venture arrangement will allow access to relevant technology and know-how that will help to upgrade the current product portfolio of the GAZ Group
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May 19, 2011
Offer price of EUR 41.75 per share represents a premium of 41 percent to pre-takeover speculation share price on October 6, 2010 Benefits for Demag and Terex through complementary business profile Demag shareholders can tender their shares from today until June 30, 2011 (24:00 hours local time Frankfurt am Main) Offer is subject to 51 percent acceptance threshold WESTPORT, Conn., May 19, 2011 (BUSINESS WIRE) - Terex Industrial Holding AG today is launching its voluntary public tender offer for all outstanding shares of Demag Cranes AG ("Demag"). Terex Industrial Holding AG is an indirect wholly-owned subsidiary of Terex Corporation (NYSE: TEX) ("Terex"). Following its approval by the German Federal Financial Supervisory Authority (BaFin) the offer document is now available at www.industrialholding-angebot.de . A non-binding English translation of the offer document, which has not been reviewed by the BaFin, will be made available on that website as well. The tender offer is subject to
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May 02, 2011
Offer price of EUR 41.75 per share represents attractive premium of 41 percent to pre-takeover speculation share price on October 6, 2010 Terex has strong M&A and integration track record in Germany and internationally Combination of Terex and Demag would have had combined 2010 revenues of approximately $5.8 billion, strong footprint in Germany and 22,100 employees worldwide WESTPORT, Conn., May 02, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) ("Terex") today announced that its German subsidiary, Terex Industrial Holding AG, Dusseldorf, has decided to make a voluntary cash public tender offer for the outstanding share capital of Demag Cranes AG (XTRA: D9C) ("Demag") at EUR 41.75 per share. The proposed offer price represents a premium of approximately 41 percent to the last undisturbed share price, prior to the speculation regarding possible takeover interest in Demag, on October 6, 2010 of EUR 29.65, and a premium of 15 percent to the closing price on April 29, 2011 of
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April 20, 2011
WESTPORT, Conn., Apr 20, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced income from continuing operations for the first quarter of 2011 of $5.0 million, or $0.04 per share, compared to a loss from continuing operations of $79.0 million or $0.73 per share in the first quarter of 2010. The first quarter results were favorably impacted by an after-tax gain of $33.2 million, or $0.28 per share on the sale of approximately 1.8 million shares of Bucyrus International, Inc. common stock, while negatively impacted by an after-tax expense of $4.1 million, or $0.04 per share, for costs associated with the early retirement of the Company's 7-3/8% senior subordinated notes in the quarter, and after tax charges related to restructuring and a customer insolvency of an additional $3.8 million, or $0.03 per share. Net sales from continuing operations were $1,256.2 million in the first quarter of 2011, an increase of 34.2% from $935.9 million in the first quarter of 2010. Loss
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April 11, 2011
Westport, CT, April 11, 2011 - Terex Corporation (NYSE:TEX) will release its first quarter 2011 financial results on Wednesday, April 20, 2011 after market close. The Company will host a conference call to review the financial results on Thursday, April 21, 2011 at 8:30 a.m. EDT. Ronald M. DeFeo, Chairman and CEO, will host the call. A simultaneous webcast of this call will be available on the Company's website, http://www.terex.com/ . To listen to the call, select "Investor Relations" in the "About Terex" section on the home page and then click on the webcast microphone link. Participants are encouraged to access the call 10 minutes prior to the starting time. The call will also be archived on the Company's website under "Audio Archives" in the "Investor Relations" section of the website. Terex Corporation is a diversified global manufacturer operating in four business segments: Terex Aerial Work Platforms, Terex Construction, Terex
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March 16, 2011
WESTPORT, Conn., Mar 16, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today issued the following statement in response to the press release from the United Against Nuclear Iran ("UANI") organization calling on Terex Corporation ("Terex") to end its business in Iran, which falsely accuses Terex of continuing to sell cranes to Iranian regime: Terex believes that a company's conduct and its reputation are among its most valuable assets, and we strive to be good national and global citizens. As a global company, Terex also respects the human rights of all individuals around the world. In this regard, Terex Corporation shares many of the concerns of UANI relating to the Iranian regime. While Terex Corporation has always complied with U.S. laws, for some time now Terex has had an internal policy prohibiting all new business transactions in Iran for its all of its subsidiaries, even if the transaction would otherwise be permissible under U.S. law or the laws of other countries. We
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February 17, 2011
WESTPORT, CT, February 17, 2011 - Terex Corporation (NYSE: TEX) today announced that it will host an Analyst Day meeting on May 16, 2011, at the New York Marriott East Side in New York City. Ronald M. DeFeo, Terex Chairman and Chief Executive Officer, along with Phil Widman, Senior Vice President and Chief Financial Officer, business segment presidents, and other key executives, will provide insight into the Company's operational and financial topics, longer term strategies and an update on current market trends. As space is limited, Terex asks that investment analysts interested in attending the day's events to "save the date" and send their business contact information to Elizabeth Gaal at
[email protected] . Details will follow in the coming weeks. Terex Corporation is a diversified global manufacturer operating in four business segments: Aerial Work Platforms, Construction, Cranes, and Materials Processing. Terex manufactures a broad range of equipment for use in various
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February 09, 2011
WESTPORT, Conn., Feb 09, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced net income attributable to the Company for the full year 2010 of $358.5 million, or $3.30 per share, reflecting improved operating results versus 2009 and the gain associated with the previously disclosed divestiture of the Mining business. For the fourth quarter of 2010, Terex reported a net loss from continuing operations of $32.5 million, or $0.30 per share, compared to a net loss from continuing operations of $103.0 million, or $0.95 per share, for the fourth quarter of 2009. Contributing to the fourth quarter 2010 net loss were pre-tax expenses of (i) $4.6 million for severance costs and charges associated with restructuring and the accelerated depreciation of certain assets, (ii) $4.5 million related to marking to market the derivative instruments intended to partially mitigate the risks associated with the common stock of Bucyrus International, Inc. received in connection with the
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January 31, 2011
Westport, CT, January 31, 2011 - Terex Corporation (NYSE:TEX) will release its fourth quarter and year-end 2010 financial results on Wednesday, February 9, 2011 after market close. The Company will host a conference call to review the financial results on Thursday, February 10, 2011 at 8:30 a.m. EST. Ronald M. DeFeo, Chairman and CEO, will host the call. A simultaneous webcast of this call will be available on the Company's website, www.terex.com. To listen to the call, select "Investor Relations" in the "About Terex" section on the home page and then click on the webcast microphone link. Participants are encouraged to access the call 10 minutes prior to the starting time. The call will also be archived on the Company's website under "Audio Archives" in the "Investor Relations" section of the website. Terex Corporation is a diversified global manufacturer operating in four business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, and
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January 18, 2011
WESTPORT, Conn., Jan 18, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it has completed the previously announced redemption of the $297.6 million principal amount outstanding of its 7-3/8% Senior Subordinated Notes due 2014, effective January 15, 2011. The total cash paid was $312.3 million, and included a call premium of 1.229% as set forth in the indenture for these notes plus accrued and unpaid interest of $36.875 per $1,000 principal amount at the redemption date. The redemption of these notes brings the total amount of debt repaid since September 30, 2010 to approximately $570 million of the Company's outstanding indebtedness at the end of the third quarter of approximately $1,973 million. These notes were originally issued in November 2003. HSBC Bank USA, trustee for the Notes, acted as the paying agent for the Company in connection with this redemption. Terex Corporation is a diversified global manufacturer operating in four business segments: Aerial
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January 14, 2011
WESTPORT, Conn., Jan 14, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it has appointed Doug Friesen as Senior Vice President, Terex Business System (TBS). Mr. Friesen is currently Vice President and Managing Director, Terex Cranes Demag, in Zweibrucken, Germany. He will transition to his new role over the next several months and report directly to Ron DeFeo, Terex Chairman and Chief Executive Officer. "Doug Friesen will be responsible for developing and implementing the Terex Business System to accelerate the enterprise-wide transformation of Terex into a world-class, customer-focused operating company," said Mr. DeFeo. "TBS, which was initiated at Terex a few years ago, is more than an operations initiative. It will become the enterprise-wide playbook to deliver our customer, team member and financial goals. We expect that TBS will provide us with significant competitive advantage through the use of customer-centric tools that continually enhance customer
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January 05, 2011
WESTPORT, Conn., Jan 05, 2011 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced several senior executive changes. Thomas Riordan, President and Chief Operating Officer, has announced his resignation from Terex effective January 31. The company does not intend to fill Mr. Riordan's position in the near term and his current responsibilities will be assumed by Ronald M. DeFeo, Terex Chairman and Chief Executive Officer upon Mr. Riordan's departure. Kevin Bradley has been named President, Terex Cranes, reporting to Mr. DeFeo, effective immediately. Mr. Bradley has served as President, Terex Financial Services (TFS) since he joined Terex in 2005. Mr. Bradley has led the successful establishment of TFS as a global captive finance company and a facilitator of the future growth of Terex. Prior to joining Terex, Mr. Bradley spent nine years each at General Electric Capital Corporation and AT&T Capital Corporation, holding positions of increasing responsibility. Mr. Bradley
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